On Budget day, 7 December 2010, the Minister for Finance announced that significant reforms would be made to the Relevant Contracts Tax (RCT) scheme to enhance its effectiveness, reduce opportunities for fraud and help decrease the administrative burden for businesses and Revenue. The Finance Act (enacted on 6 February 2011) gives a legislative base to the reform of the RCT scheme. The provisions are contained in Section 20 of the Act. In essence, the Finance Act amends the Taxes Consolidation Act in Chapter 2 of Part 18 by inserting twenty-two new sections after Section 530. These sections comprise a new scheme of RCT, which will replace the current scheme on a date yet to be decided.
The key elements of the new scheme as outlined in the Act are:
Monday, February 28, 2011
Tuesday, February 22, 2011
EuroPayX - Attach documents to Employee Records
In our EuroPayX irish payroll product it is now possible to link related documents to an employees record. These documents can be in any format such as word, excel or pdf, they can even be scanned from source material enabling you to access an employees complete record from within your payroll software.
Monday, February 21, 2011
Universal Social Charge (USC) Amendment
As a result of the recent enactment of the 2011 Finance Act, there has been a significant change to the USC For an individual holding a current Full Medical Card the maximum rate of USC is now 4% instead of the previous 7%. The employer must satisfy themselves that the employee hold such a card before implementing the change. This change is backdated to 1 January 2011.
Special Contributors to PRSI
Following consultations between the Revenue Commissioners and the Department of Social Protection (http://www.welfare.ie/EN/Topics/PRSI/Pages/specindex.aspx), it has been decided that PRSI should be returned through normal P30/P35 procedures in cases subject to PAYE Exclusion Orders. Heretofore, PRSI for these employees were remitted separately to the Special Collections Section in Waterford.
Thursday, February 3, 2011
P35 Refunds and P35 Amendments
P35 Refunds
To avoid delays in the processing of refunds that arise from the end of year P35 paper returns, taxpayers and their agents should note that:
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